FAME financing boosts Thompson's Point project

Christopher Thompson, a principal of Forefront Partners I, says the $500,000 loan from Finance Authority of Maine will help efforts to create an events center at Thompson's Point in Portland.

by Staff

The Finance Authority of Maine has approved a $500,000 direct loan to Forefront Brick South LLC to help finance property improvements and working capital related to the redevelopment of a vacant building into an events center at Thompson's Point in Portland.

Forefront Brick South plans to develop and eventually operate a 35,000-square-foot events center at Thompson's Point as part of a comprehensive $120 million mixed-use development project on the 30-acre waterfront site. This particular project, which helps to rejuvenate a former rail yard, is expected to create 10 jobs. FAME partnered with Portland Development Corp. on the financing.

"We are happy to help finance this development at Thompson's Point and the creation of an events center with good-paying Maine jobs," FAME CEO Bruce Wagner said in a statement announcing the loan.

Christopher Thompson, a principal with Forefront Partners I LP and a 2014 Mainebiz Nexter, said the financing will enable his firm to proceed with renovation of the Brick South historic rail building into a multi-use event center.

"[It] will showcase the building's historic character and provide much-needed event space for a variety of event types, from weddings and trade shows to corporate events, arts events and performances, and more," he said in a statement. "It will offer a custom-created catering kitchen, bar, breakout rooms and support space, and will provide the type of venue that is much-needed in the Portland market."

FAME is a quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue business and educational opportunities, as well as serving as a link between economic and workforce development.